Transcription
Hello everybody and welcome into Commodity Culture, where our goal is to make you a better investor in the commodity sector. My name is Jesse Day. Before we dive in, standard disclaimer: nothing here is investment advice. Do your own due diligence.
And today's guest is the CEO of Myriad Uranium, a uranium exploration and development company with an earnable 75% interest in the Copper Mountain uranium project in Wyoming. It's Thomas Lamb, looking very forward to discussing uranium and Myriad Uranium with you today.
>> That's great. Nice to be here, Jesse. Good to see you.
>> Yeah, last time I had you on the show was May of this year. This was a time when uranium equities were just starting to recover after bottoming in April. And what a run it's been since then!
It's interesting. I remember back around that time on social media, there was a lot of people throwing in the towel on uranium, saying, "The thesis is finished. It's all over. Will the uranium bulls explain themselves because this whole thing isn't working out?" And here we are today. So I want to start by getting your assessment of the sector at present. What comes top of mind for you when it comes to the uranium market?
>> Well, first, um, you know this business, I'm sure, from where you sit, but wow, as management and founders, when you come up with an idea, uh, you take a, you know, a view on where the, where a sector is going, in our case, uranium, and then you invest, you know, you put your own money in as a founder, uh, with your partners, and then you have to convince people that this is a good idea, and you build the company. That whole, the whole journey is, is so, uh, emotional and, uh, you have these ups and downs that are just wild.
Um, the, the, if it's ultimately successful, it's really worth it. But, uh, and that's why we're in it. Um, and it's so interesting. Um, but if you look back to May, you know, and we, and our company, and we as management, uh, we were looking at each other wondering what, what the heck's going on here, because we, you know, the fundamentals are there that, you know, the world fundamentally produces 160 million roughly, consumes 200 million roughly. Yeah, that was a couple years ago. I don't know how much the, the numbers have changed since, but that's, that's about right.
And, you know, the US produces virtually none, call it a round million, consumes 40 to 50. Okay, something's got to be done there. If you have the point of view that the US government has now, uh, that they want to have more domestic sourcing so that they're not at the mercy of others. So all of that is just, it's like gravity. It's going to take hold. Uh, so we're all looking at each other wondering what the heck's going on. When is, when is gravity going to take hold?
Now, with the spot price, uh, spot price is always a little bit confusing. We, we now see that it, it does its own thing, but while that long-term contracting price really does just keep marching up upwards, and, um, so I, I just see the, the plan is to stay the course from management's point of view, especially with quality projects. You know, we, we're very lucky with big volumes of uranium that somebody's going to have to come and get, um, probably tech company, AI, utility, you know, eventually, sooner or later. So, you know, fundamentals will take hold, and that's, I guess, that's the market's realizing that.
Um, I just love to see, uh, the technology side. So this is SMRs, micro reactors connected with the venture capital and private equity connected with the Silicon Valley tech companies and then, of course, the, the big tech individuals. All of those people are, they're all working together. Maybe not, couldn't call it quite in cooperation, but they're working together, and that's just going to drive things now. I can feel it. Um, so that's, I see that as a big force.
Then you have federal money that's coming in, and, uh, Trump administration is really keen in its, in its people, and, uh, yeah, so that's what I think: be, be inside the US, be in one of the, the really good states to be in, and, uh, have a big project. I think that's, that's the, that's what you got to do. That's, that's, I hope that's answers your question a bit there.
>> Yeah, great summary. And we recently saw the US administration take a 5% stake in Lithium Americas, highlighting their commitment to domestic production of critical minerals. Uranium isn't yet officially on the critical mineral list, but there is a lot of push to put it there. And I believe that will be inevitable. When, if that happens, do you think we could see the government start to take a stake in uranium companies?
>> I believe so. I believe so. I'd be very surprised if conversations are not already underway. You know that this administration, uh, likes to get ahead of the, whatever the news is going to be. Um, and I have a feeling relationships are already, you know, being established, uh, plans made. I, I, I actually don't have any direct hard evidence of that. I would just be surprised if that's not happening already. Um, so yeah.
And then, uh, the circle of companies, you know, you could talk about sort of concentric circles as the core few major companies that are producing, for example, and then that, the next ring out would be, I believe, our company and, and a handful of others. Um, this is going to spread to these, to the next rings out, uh, this, and I'm talking about straight federal money, plus Department of Defense money, once the critical becomes critical mineral. Um, you've got state funds, including sovereign wealth funds, like that are belong to the states themselves, that, that have where the money has to be deployed inside the state, and some of the states are, you know, they struggle a little bit to find good ways to spend that money, and uranium might be really good.
So you got, you, it, it, it's coming as soon as the critical minerals thing, uh, happens. Uh, then it unlocks all sorts of ways to deploy federal money too, that are on top of the usual. And, uh, we're psyched. We also get inbound, I get inbound calls from people. It's not unusual when you're got a company with bunch of uranium, uh, or whatever is in demand, get lots of phone calls and people, you know, trying to position themselves. They see where the, which way the wind is blowing. Um, so, uh, yeah, it's going to be an exciting next 18 months, two years and beyond. It's going to be action.
>> Completely agree with you. I, I want to talk about an executive order signed by President Trump back in May, um, which stated the government, quote, "must utilize its full authority to accelerate the secure and responsible development, demonstration, deployment, and export of United States designed advanced nuclear technologies to bolster readiness and enhance American technological superiority."
So it's, it's not only that they're trying to incentivize critical minerals production at, at home. They're trying to become a leader in the nuclear sector as well, in terms of building reactors. Now, of course, one of the issues facing the US is a rather suffocating regulatory environment. Many people have pointed out that nuclear is overregulated in the United States. And in the meantime, if we look over at China as a counterpoint, they're just building reactors like crazy. So if the US ever hopes of catching up, they likely need to deregulate the industry to a certain extent. Would you agree with that? And is this something that, that you see happening, particularly as the administration pushes it to the forefront of their agenda?
>> Totally agree. Uh, I don't know what the solution is. I periodically think about it, and I read the commentaries from the people who really are, are experts, um, to, to try to understand it. Data and AI. Number one, how are we going to compete? How is North America going to compete? How's the US going to compete against China? Now, there are other jurisdictions, countries, etc. You can talk about India, Russia, Ukraine, uh, Western Europe, Latin America, etc. But really what matters is China and the US, in my view.
And how, like, how can this be achieved inside the US? If you look at a, at a, at a graph or a chart, you can see, you know, all the countries that are building new, new large nuclear reactors. China is building dozens of them, right? And the US is currently under construction, has zero under construction, right? Uh, and I think even planned, I don't know, it may be zero in the US. I, I, I don't know that exactly, but in China, you add the planned reactors, that's just huge number.
And so what, what, what you've got is you got a situation where the price per kilowatt hour of electricity in the US is going to keep going up. Um, there's no escape. It's going, you're the industry, data and AI, are competing with households, or households are competing with, with, uh, industry, data and AI. Uh, price per kilowatt is just going to just keep going up. In China, you are going to have stable, enormous electron flow that is going to be very low cost. So this may, it may not really, they not may not be able to fully avail themselves of it for 10 years or something like that, but their buildout is amazing.
And then what do you do? You've got AI and data centers that are just, that need vast amounts of electricity. I know they're trying to build a bunch in the US, and they are, uh, but imagine having to pay, and even at a, at a wholesale rate, 25 cents a kilowatt hour in the US, and it be four or five in China, you know, effectively. Uh, yeah, so now, am I optimistic that something can be done about it? Actually, there are a lot of very super motivated people in the administration and then in, in the sector. They're, um, they're very entrepreneurial people. Um, can see these tech, tech Silicon Valley and the tech funds and everything. I think they're going to lean into this issue. Uh, I think they know that there's a lot of money to be made too.
So they can go into New Mexico, Wyoming, Utah, etc., with a plan to do the whole stack, uh, fuel cycle stuff. They can, you know, bring in some new technology for conversion, enrichment, etc. And also they're going to need the, the uranium too, and I think they want to get it from inside the US. So they're like leaning into this, then the reactors. So I think they're going to lean into that too. Uh, we see Oaklo and, uh, etc., doing really well. So I think you, you definitely on track with the small modular reactors, micro reactors, etc. Um, but all this pressure is going to, uh, they're going to have to do something with the large scale reactors to get those going.
Um, you do have issues because you have states with their own view of life that's sometimes separate from, uh, the feds. But federal government is, is not being gentle these days in, in applying their perspective. So, um, you know, it may be that you, you do see some like, okay, we're building a bunch of reactors and everybody can pound sand if they don't like it.
>> Yeah, that's, I don't know. Anyway, those are some thoughts.
>> Yeah, that's a good way of putting it. I, I want to talk about the other big problem that's being faced right now, which is supplies of uranium worldwide. 'Cause Kazatomprom, the world's largest producer, has now cut their 2026 production guidance. Cameco is now talking about having to buy on the spot market to fulfill long-term contracts. And although there are some companies that have started to produce, it's very small quantity. As you mentioned, in the US, what are we at? A million pounds in a year, something incredibly small like that. A drop in the bucket as we currently sit in a supply deficit that is only projected to grow.
How does this situation get resolved in your view? Is this a matter of the uranium price having to go much higher? Because we heard for a while that the incentive price was around $70 to $80 per pound. It seems like that has shifted, and perhaps we need a higher price for some of these projects to come online and for production to ramp up with some of those who have begun. What are your thoughts there on where these pounds are going to come from?
>> Okay. Okay. Well, what I really, you know, we, you have acid problem in Kazakhstan. They've overworked their assets. They've got issues with, uh, the Russians that have kind of gotten in there into the, into Kazatomprom and the security services, in my view, and squeezed with China. There's a whole kettle of fish going on there in Kazakhstan that's, um, complicated. Um, and I'm sure they're, they're going to favor their Chinese and, and Russian joint ventures over the Western joint ventures, you know, Think, etc.
But the one, one thing that I would like to mention is manpower and expertise. So we, we are lucky. We, we have a, a geologist named George Thundervault. He's from Jo, near Johannesburg, and he, he's worked on some of the big projects worldwide in uranium, and he's just, we've just really hit the jackpot with him now. He's a, he's a, he's an exploration geologist with, with a lot of skills and knowledge and depth of knowledge. We are lucky. I see other companies struggling to find, you know, the right people. And this is only, we're not building mines and, and producing uranium. And so I know, because I interact with people, that, that the struggle is not just real, but extreme, uh, in at some of these big operations, 'cause you have all the guys that were, and some girls, but who were, who were trained in the 50s and 60s and 70s and maybe early 80s, who are now retired and, you know, a lot older. And then what do you have? You have maybe a few that were trained up last cycle. Uh, and then how do you, how does Cameco get all the people it needs to run these mines? You know, uh, it is extremely complicated stuff. Um, you need a lot of them.
Um, and this is something that is also holding, this is what I want to talk about in relation to that question, that there are lots of other factors. Um, and uranium mining is very hard. I think I, I'm not an expert. I'm a lawyer, finance type person. So, but this is, you know, I'm absorbing, uh, what I, what I'm learning. It turns out it's quite hard. ISR, little side, side note, we were in Toronto a few months ago talking to funds and, and, uh, one fund manager, and, uh, was so relieved that we mostly have at Copper Mountain, the, the northern half is probably conventional mining. That was, and that was the mine plan at, at Copper Mountain was a large scale conventional uranium mine, and the southern half transitions to sandstone, is roll likely, and there's probably, you know, good ROFR opportunity there, um, which, you know, I'm pretty sure will be exploited one day.
And, uh, but she was just so relieved that we have a conventional project, because she's seen these ISR projects, you know, she's a little sensitive, maybe in that particular moment, but investing tens of millions of dollars in these ISR projects that struggle. Well, Kazatomprom, uh, acid problems, although I don't think she was investing in that. But you've got the others, the known ones that we, you know, are peers and friends, where they get the chemistry wrong, and they have to switch chemistry, and then that, that, you know, doesn't necessarily work out that well either, etc. And that's, these are lots of smart people involved in those companies.
So anyway, you've got manpower. Uh, uranium mining is difficult. Um, there's no way to scale a lot of these things either. So, you know, you have a copper mine in, in South America with a halo that, where the grades get lower. You can keep mining that stuff. It's just not as, you know, price of copper goes up. You can keep mining, um, and, uh, still make money, etc. But in uranium, you know, what do you do? You've got a roll front, and it's limited on the, you know, you're drilling, and you find the edges, and you try to get it all, and it's not like it sort of, now I'm, I hope I'm not, um, saying that something that's not accurate, but it, uh, you know, it doesn't have this giant halo that just goes off into, into the distance, uh, whether you, you can still be picking up uranium, um, uh, and so you're limited there, you know, it's, uh, yeah, tough business. Manpower, acid, how are we going to get all the experts to do this? So, scaling it up, I don't know how you're going to do it.
Um, I was at the WNA in, in, uh, London a month ago, along with lot, everybody else. And, uh, that was definitely a topic. You know, there's no, uh, near or medium-term solution on the horizon. Sorry. Sorry. I feel bad for everybody who needs to have uranium produced, but it's great for us.
>> Yeah, we're, it's awesome for us. There's just shortage.
>> Yeah, I've heard that, uh, personnel issue echoed from many people in the industry. There's not a lot of young people who've now come up training, learning how to engage in the mining industry, let alone in the uranium sector. And you're right, it's a lot of these people who are retired, and, and companies are literally trying to call them back because they can't find qualified personnel. So definitely a big issue to keep an eye on.
I want to switch over to discussing Myriad Uranium and how that company fits into the picture. Starting with some big news you put out at the start of the month, which is a comprehensive report of your Copper Mountain project from 1982 has been obtained, allowing you to release more information regarding its potential uranium endowment. Can you walk us through the important findings there?
>> Great. So, we, we put out this news release. We, we, we've had for a few years, uh, a summary document that had big numbers of Copper, you know, saying Copper Mountain has huge uranium endowment, 245 million pounds in a, in a small area that actually we have most of, 70% of. Um, and then, uh, you know, 600 was 655 million pounds in a broader area called the assessment area. And we, we've known about this, but we, you have to be really careful with the regulators that you don't put out hyperbolic stuff that doesn't have a strong foundation. You don't, you haven't looked into how they did that estimate and all the, all the data, etc.
Well, we, we, we, we got the report that's the, this sort of the, the tomb full of the data, the methodology, etc. And we now, etc. And we now think this is a really robust number. Now, uh, not 43, not current under 43-101. It's not into some kind of current category. Um, and so it's called an endowment, which isn't a defined term. So, everybody has to, you know, full regulatory disclaimer there. Um, this is, but it's, it's wildly exciting, um, uh, potentially.
So, so what happened was, um, not to get too far off, uh, track, but in the 1970s, Union Pacific Railway invested 85 million in our project, today's dollars, drilled 2,000 bore holes, defined seven deposits, 15 prospects that are kind of like drilled a bit that where they found mineralization, and they, they believe that they, if they just kept drilling them, those would turn into deposits, too. So out of those seven deposits, six of them were going to be part of a, the initial mine plan, the large scale mine that they were going to, uh, use to fuel Southern California Edison reactors. And there was kind of a partnership there with California Edison. Okay.
Now, how did they find those deposits? This is something I've only learned fairly recently, is 1970s, and then, you know, you can, this applies to further back. This is, this is hilly terrain, but it's not inaccessible. It's just hilly, and then there's some long smooth areas and everything. They get in their, they got in their jeeps and etc. And they would drive where it was easy to go, and then they would drill where it was easy to drill, instead of having to go over a, you know, a hill or something. They drill right there. They found uranium, a lot of it. Uh, they delineated deposits. They decide to mine it.
But what we've, what we've learned is if they've just gone, they, they believed, and especially US Department of Energy's contractor Bendix Engineering, who did that report, that actually if they've gone over the hill, uh, there's probably another big deposit just over the hill, and they, that was, that's what's come out of this 1982 report, is that we now know that yes, Canning deposit, you know, was going to be the main deposit that was going to be mined, that there actually could be a lot of Canning deposits at Copper Mountain. It's just this was just more convenience of access, but Midnight is a, an example. That's one of our, our claim areas to the east. Um, Union estimated that has 10 million pounds and has some bore holes to back that up. Um, but they just didn't want to get up and around the corner. They were saving that for later.
1979, 3M Island hit, cancelled the plan to start production at, at our project in 1983. But the US Department of Energy projects were still funded, still ongoing. So they, Bendix continued with its study, drilled a bunch of its own holes, some 80 some odd holes, uh, on top of the 2,000. It did a huge amount of analysis, 2 and a half man years of, of work to produce this report, and it's very robust. And now we go, oh, wow. Okay, so we're very excited about, first of all, the endowment is huge. The uranium endowment is huge. It's only down to 600 ft. We have drilled in our, in our last drill program deeper intercepts. So there's uranium deeper. So that's a whole another world potentially.
But, um, down to 600 ft, huge uranium endowment provides us with a treasure map, a guide to, to finding it. And, uh, yeah, so it's a much bigger project than we, we, we previously understood, uh, very excited about it. We have our, our, our, uh, adviser Jim Davis. He was general manager of Union Pacific's work in the 1970s. Always had very excited that somebody would take up and unify ownership of Copper Mountain, the first group to do that. Um, you know, he's, I went to him with this report, and he said, "Wow, yeah, this is exactly a fabulous, um, report that was, that was our guide after for, for a long time." Uh, but of course, nobody just uranium in, in the US was, was dying off. Um, but he fully endorses this report and is, is very excited about what it, it's going to enable us to find. So really big uranium endowment, potentially the biggest uranium project in the US. Lots of upside here. Um, sorry for going on and on about it, but obviously I'm very psyched where.
>> No, love it. The, the more details the better.
>> Yeah, that, that's super fascinating and definitely something to be watching. Um, Myriad also announced a proposed merger with Rush Rare Metals back in August. So, I wonder if you can first provide the details on why this merger was proposed. How does it add value in your view, and then update us on, on how it's progressing so far?
>> Our option agreement with, with Rush is a little bit complicated, especially at the back end. So sharing of, uh, of, um, uh, proceeds from producing uranium, etc., and then some bonuses and things, it's a little bit complicated. So we want to simplify that just by unifying ownership.
Second, uh, as you probably know, divided ownership, both sides often get a bit of a discount on the, on the, the value. It's actually, you know, if you unify ownership, uh, the, the, the resulting value be higher than if you add the two separately. So it's good to have, you want to go into these, we've been, we talked to lots of, you know, funds, sophisticated investors, family office, etc. They say, "Get 100% ownership of this, then, you know, we'll be, we'll be in this." Just divided ownership can be a bit of a pain later. So 1 plus 1 is three, and, uh, it's proceeding well.
We're, uh, you can never guarantee that these things are going to work. Uh, I used to be an M&A lawyer, and, uh, you know, you announce intention to merge, and then something goes wrong. Uh, but, uh, so I'm just used to putting disclaimers and things. Um, but, uh, you know, things are, things, things are good. We're just working through some of the, uh, uh, there things like fairness opinions and that type of, type of thing. We're just, uh, um, so things are advancing, and we really look forward to getting it done, and, uh, uh, you know, keep you posted on that.
>> Excellent. I know the company recently closed a private placement, uh, raising gross proceeds of around $600,000. How do you plan to put that cash to work, and any info you could give us on the company's current cash position? Any debt obligations? Any light you could shed in those areas?
>> No debt. Probably current cash is around 2.6, 2.7. Um, we're in a, we're in a good, and we don't burn very much on a monthly basis unless the drills are turning. So, um, uh, that's, that's the current situation.
That, that private placement was just meant to be 100, $150,000 or something, and that was just to accommodate an important fund that is a well-known uranium fund that just needed to adjust its ownership. And so we were going to quickly do a private placement, get, get their, get them adjusted, and move on. And, you know, we're not out here to do $600,000 private placements, uh, typically. Um, but, you know, we had some other important people who wanted to, to participate. Uh, management came in, including myself, etc., and some others. Um, and so it grew to that, that amount that, and what are we doing, uh, with the money now?
We're actively, we just got this big, uh, permit, uh, which maybe we'll talk about. Um, so we have increase our bond to that we have to pay to the state of Wyoming, uh, in relation to the drill permit. So that's a bit of use of money. Geophysics we're doing in New Mexico. We have a, we have a second project in New Mexico, and we're doing some, uh, high resolution geophysics there.
Um, we are planning our next move, uh, now that we have this fantastic, uh, drill permit. Uh, we're, we're tweaking our plan as to where to drill. Some, some of it's going to stay the same, and some we just like, "wow." Okay, now we're really excited, and we're going to be, you know, moving some of the, some of the pads, drill, you know, the collars locations, and, um, and, uh, iterating the plan, and then, you know, we're very likely to start drilling, um, early in the new year. Let's, uh, uh, we, we were maybe going to start drilling November, but now we have all this new information, and we would just want to absolutely nail it. So, um, uh, we use the money for that, and, you know, if we want to do large, large scale program, uh, a larger scale program, then maybe there'll be a raise.
>> Well, talk to us about this drill permit you've obtained, uh, the significance of that for the company, and any other plans. You mentioned you plan to start drilling early next year. Any other catalyst, upcoming news flow, and maybe some more details on that planned drill program as well? Any light you could shed on that would be great.
>> Sure. So the, the, the, so we have had in place something called a drilling notification, which is a small scale permit. Uh, we, we permitted 84 holes into that, drilled 34 of those. Uh, that was our last, uh, uh, drill program, which was, uh, you know, very successful. Uh, and all the rest of the holes that were permitted under that permit are in the same area in the center of the project in the heart of the, the most important, uh, deposit.
And Union Pacific had identified these prospects that had seen some, saw some drilling and some really good intercepts historical. And we, we, we've always known we had to go after those too, you know, advance them, hopefully elevate them to deposit status and bring them in. So that's what this, that's what this permit does. Um, it enables us to cover the entire project area, which is really big if people want to take a look at the map. I mean, it's not like vast, it's, it's everything is close together, but it's a, now a lot of acres, and, uh, so the permit 222 holes initially. We bonded, I believe it's 70 of those. That means we've, you know, given the state of Wyoming, uh, hundreds of thousands of dollars, uh, to bond those holes. That's in case we, you know, there's a, a spill or some kind of accident or something at the site, uh, so that they, they know that it'll get cleaned up, um, which we never do, by the way. So, uh, that's very rare these days. Maybe back in the day it was more common, but, uh, everybody's so careful.
Um, so yeah, and, and then with our announcement about the uranium endowment, uh, being vast, and then this, all the information in the document, uh, and, uh, I'm not sure if this is available to the public, because people can download this document that we referred to, but there are appendices and microfiche stuff, because, of course, this is early 1980s microfiche information, a whole bunch of other additional information that may not be publicly available, which we have, which is going to serve as a guide. So the 222 holes are going to enable us to go after this, all these new ideas. Uh, that's, that's it.
Now, what's the specifically the plan? We have some holes that we're going to go, we could go back to where we've already drilled, and there's a little more we can do there to better understand what's going on there. We've, unless we're going to do resource drilling, we really have knocked it out of the park at the northern part of the Canning deposit. We've, you know, it was already good back in 19, late 1970s. We feel we've, our drilling based on our probe data is already better, we believe, than what they, what they got in the 1970s. So there's, you know, that's interesting.
Um, but then we sent those samples to the laboratory, and we discovered that, you know, because in the 1970s, very expensive to send stuff to the lab, was very rarely done. Just mentioned there was a hint in the late 1970s, they use these fluorometric methods where you shine light, certain wavelengths, on the rock, and it reflects back, and uranium especially reflects back, remits, or whatever is exact going on there. Exactly. And they were getting way more uranium when they used that method than when they, than they were getting based, you know, based on their gamma and, uh, DFN probes. So that was an issue. We've seen that all the way along. Maybe, so the point of that is, maybe there's a lot more uranium there than anybody thought.
Well, we think, we think so, uh, because we sent everything to the laboratory, and we were getting, we've been getting 60% boosts, grade boosts, uh, on rock that's a thousand parts per million or higher, and we're getting 50% grade boosts on anything that where the grade is 500 ppm or higher. That's stuff you'd most likely be mining. And when I say 500 or,000 ppm, that's equivalent grade from the probe that we'd sent down, the gamma probe. So you, you drill a hole, you put the gamma probe down, you get an equivalent grade back that, that there's a lot going on in the subsurface, you've got uranium and then its daughter products, because uranium is decaying, and then the, there's fair amount of calculation happening. Um, but if the uranium has recently traveled through the earth, or the daughter products have been picked up and transported, uh, and there are other things that could happen, can throw off the, the gamma probe. Turns out we got lots of that going on in, in our area, and that can hurt you or help you. In our case, it, it helps us, and it helps us in a big way. So now we have even more uranium.
So we, um, you have the historic grade shells which contain uranium. This is the 3D modeling. We've got our drilling which kind of, we believe, adds to it. And then you have chemical assays that we've done which grow the grade shells and then add, add uranium to what's inside. So increase the amount of uranium inside those volumes. So we're already in good shape in Canning, going on, on about this a little bit. So we may not have to go back there.
What we're probably going to do is go, you know, say the 12 priority holes are things like going to Lucky Cliff just north of Canning. There's a beautiful historical intercept that was, I think there was n, there were nine, there's nine historical holes at Lucky Cliff, big area just north, so much more to do there, lots of good intercepts, historical intercepts. One of them was 85 ft of 1200 ppm equivalent grade. Maybe the disequilibrium favors us, takes that up to 18, 1800 ppm, and potentially beyond, over 85 ft. That is a killer, uh, intercept. That's something we want, would like to go duplicate, and then, and so on around the, uh, the project area.
And so start with 10 to 12, uh, high priority holes, and then we can dial it up from there, um, and be as ambitious as we like, uh, you know, if the markets are ripping, um, if we're going to get rewarded for, for an ambitious drill program, then we, we go for it, and we'll, we'll kind of dial it up and down because we want to optimize.
I'll just make another point. I'm a big shareholder. I'm the second largest shareholder on the Nobo list, and I put a lot of my own money into this company, and insiders and key people hold a lot of the stock. We're not interested in doing big dilutive financings just for the, you know, just to drag this thing out and be, be in the game here. My, my goal is to get a big return on the share price. So, we're, that's why I say we're going to be optimizing. Um, I don't want to raise money and spend it for no reason. I want to raise money and deploy it so that we, you know, the share price just is going to move up because we've added real value. That's the, that's the business model here.
>> Great. Well, Thomas, this has been a fantastic conversation. Always love discussing uranium and Myriad with you. I'm going to put a link in the description below to the Myriad Uranium website, as well as social media, so people can follow along with the company. You guys actually do great, um, work on social media, touring the sites, and, uh, a lot of really fascinating stuff that, uh, that I think, uh, shareholders and potential shareholders will appreciate. So, that'll all be in the description below. Thank you so much, Thomas, for coming on the show.
>> Super. It's been a pleasure.
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